Vision:
The paper talks about the business activities and operations of the Square pharmaceuticals Ltd. company. It explains that how the company is using business level strategy and human resource management strategy. Further, it explains the objectives, goals, and mission of the firm. In addition, it describes the significance of the account and finance department, supply chain management, administration management and human resource management. Along with this, it tells that how the company is using organizational principles and it also explains the recruitment, selection, training and development and performance appraisal practices to meet the long-term goals and objectives of the firm.
1. Square Pharmaceuticals Ltd. Company uses various types of business strategy to enjoy greater part of the market share in the pharmaceutical industry. The business strategies have been discussed below.
Growth strategy: A growth strategy is used by the Square pharmaceuticals company to introduce new pharmaceuticals products and services in the overseas market. The company is using new and innovative technology to overcome on the competitors in the global market. The firm may adopt this strategy to find a new market to introduce the various types of products across the world. The company can determine its revenue and profit by using of growth strategy within the organization (Habib and Alam, 2011).
Product differentiation strategy: Square Pharmaceuticals Ltd. company also uses this strategy to differentiate its products from the competitor’s products and services around the world. In addition, the firm uses this strategy to build and develop brand loyalty and honesty in the organization. Through this strategy, the company can expand and flourish its business activities and operations in the overseas market (Alam, 2015).
Price skimming strategy: Price skimming strategy is used by the company to attract more customers in the market. By using of pricing skimming strategy, the company recovers its advertising and production costs. The company fixes the prices of the biotechnology products to attract and retain the more customers in the market. Appropriate and reasonable prices are fixed by the Square pharmaceuticals Ltd. company. In this way, the company is able to beat its competitors in the universal market (Ali and Kakakhel, 2013).
These strategies are used by the company to evaluate and analyze the preferences, tastes, and expectations of the customers in the organization. These strategies also help to maintain sustainability in the organization as well as the environment. The company can easily attain long-term success and targets by using these strategies in the organization. Further, it also provides help to increase the number of customers in the market (Saha and Akter, 2013). Along with this, cost leadership strategy is used by the company to control and manage the cost of pharmaceuticals products and services in the overseas market. It is very effective and unique strategy to manage the cost of the products around the world. These strategies also provide assistance to increase the demand for the products in the market. In this way, the company can achieve its targets and sustainability within the organization (Haque et al, 2013).
Mission:
2. The square pharmaceutical limited company was founded in 1958 which is converted into a public company in 1991.The mission of the company is to produce, manufacture and render good and innovative products to the people. It maintains ethical standards in business activities and operations with providing various benefits to the stakeholders, shareholders, and society. Further, the vision of the company wants to become a leading organization in the pharmaceutical industry. In addition, the company wants to protect the interest of the investors in the international market (Dutta and Bose, 2012).
The secondary objective of the company is to conduct transparent business activities and operations which based on the marketing system within the social and legal framework with main aim to meet the long-term mission and vision of the firm. The secondary objective of the company is to attain the long-term success and growth of the company by providing pharmaceuticals products to the people across the world. Since 1985, the company is maintaining the strong leadership position and image in the pharmaceutical industry in Bangladesh. The firm is trying to overcome on its competitors in the global market. Further, the company wants to achieve and maintain long-term sustainability around the world (Hess and Rothaermel, 2011).
Another objective of the company is to become a high-performance leader in the universal market across the world with maximizing its revenue and profit of the firm. In addition, the company is exporting its pharmaceutical products across the world. Further, the company is providing assistance and support in product promotion, advertisement, and training in the overseas market. The company had the highest and maximum market share in the pharmaceutical sector of Bangladesh. The company is trying to accomplish these objectives in order to determine the mission and vision of the company in near future. Along with this, it is analyzing and evaluating the plans, policies, and strategies of the competitors in the universal market (market Azizi and Makizadeh, 2014).
3. Square Pharmaceuticals Ltd comprises various individual departments such as finance, accounting, finance, sales, marketing, administration, and supply chain and human resource management. Entire departments are connected with each other within the organization. The members of the entire department maintain coordination and cooperation with each other to fulfill the long-term goals and objectives of the firm. If the entire departments do not work properly then they have to face various problems in the overseas market. The growth and success of the company depend on the activities and operations of the entire departments within the organization. These departments play a significant role in every organization to determine long-term success and growth of the firm. Square Pharmaceuticals Ltd. company is listed on the Chittagong stock exchange and Dhaka stock exchange. If the accounts and finance departments are not able to maintain proper records of the company then various key challenges would be faced by the pharmaceuticals company. Thus, the company will fail to analyze and evaluate the revenue and profit of the firm. In this way, accounts and finance department important for the company to evaluate and measure the total profit of the firm. Further, sales and marketing are also essential for pharmaceuticals industry to increase the sales of the various medicines, drugs, and vaccines in the global market. The organization cannot carry on the advertisement and promotion strategy without effective marketing and sales department within the organization. Marketing department helps to evaluate and analyze the preferences, tastes, and expectations of the consumers in the universal market (Arefin, Rajib, and Bhuiyan, 2011).
Company Overview
Along with this administration department also plays a crucial and vital role in every organization. This department is responsible to evaluate and measure the efficiency and performance of all the departments within the organization. The administrator officer maintains a link between the senior management and employees. They manage and guide the employees to do work effectively. They provide motivation to the employees for improving the quality and productivity of the workers. If this department is not able to perform the duties and responsibility then the company has to face various problems in the organization. In addition, supply chain process also plays a crucial role in every organization. If the supply chain manager does not perform the task and duties effectively then the company cannot maintain the control over the inventory and logistics management of the firm. The supply chain manager provides assistance to improve the quality, efficiency, and productivity of the operations. Without supply chain management, the pharmaceuticals company cannot maintain proper control over the cost of the company (Anis, Khan and Humayoun, 2011).
Further, human resource management is the backbone of every company. The company cannot survive its business operations and activities without effective and sustainable human resource management. If the human resource management does not work effectively and efficiently then the company cannot recruit the potential manpower in the organization. Thus, various problems and key issues would be faced by the firm (Abrar, 2016).
4. The span of control: Span of control is the important principle of management. It means the number of subordinates is managed by the single officer in an efficient and effective way within the organization. It is also called the span of management, a span of authority, a span of supervision, and span of responsibility. This principle is based on the principle of relationship. The span of control and management is a process through which a maximum number of the subordinates is controlled by the single manager. In Square pharmaceuticals Ltd. managing director manages all the employees within the organization. All the departments are controlled by the single person in the organization. The company follows narrow span of control in the organization. Along with this, in Watson Pharmaceuticals Ltd. CEO is the higher authority in the company. He appoints a general manager and director of administration to manage and control over the other departments within the organization. The organization follows wide span of management within the organization (Tazin, 2016).
Chain of command: The chain of command is also called the scalar chain. It is the formal way to delegate the authorities and responsibilities within the organization. It helps to maintain the relationship between subordinates and superior. In Square pharmaceuticals Ltd. company managing directors assign duties, authorities, and responsibilities to the assistant general manager and executive director of administration. Thus, they maintain control over the other employees within the organization. On the other hand, in Watson Pharmaceuticals Ltd. CEO delegates power and authorities to the general manager and director of administration to attain the long-term goals and objectives of the firm. The general manager and director of administration assign roles and responsibilities to the other subordinates (Rubera and Kirca, 2013).
Supply Chain Department as Procurement Department
Lines of communication and decision making: The line of communication and decision-making process plays a vital role in every organization in order to meet the long-term goals and objectives of the firm. The companies follow the proper hierarchy to maintain proper communication and cooperation within the organization. For example, in Square Pharmaceuticals Ltd., the HR Manager cannot meet directly with the managing directors. First, they need to talk with the assistant general manager. In this way, there is a hierarchy among the general manager, assistant general manager, and other subordinates. On the other hand, Watson Pharmaceuticals Ltd. Company also maintains an effective chain among CEO, general manager, director of administration, other departments, and subordinates. The subordinates cannot reach directly to the CEO and general manager and director of administration. The company should follow the chain of hierarchy within the organization (Paenpluem and Thammakoranonta, 2012).
Types of structure: The Square pharmaceuticals Ltd. company follows the line organizational structure and Watson Pharmaceuticals Ltd. maintains divisional organizational structure within the organization (Kelle, Woosley and Schneider, 2012).
5. There are various factors that can affect the human resource plans of the department. There are various internal and external factors which can affect the human resource plans of the department which have been discussed below.
Political factors: There are various political factors that exist in the external environment which can affect the business activities and operations of the human resource management. Before planning process, the company needs to focus and analyze the market, and external environment of the company. It should focus on the funds and budgets to start a human resource plan for the department (Gunday, Ulusoy, Kilic and Alpkan, 2011).
Economic factors: External economics play a vital and significant role in every organization. HRM needs to analyze and evaluates the economic factors in the organization. These factors affect the plans and policies of the human resource management within the organization.
Social factors: There are several factors which affect the human resource planning in the organization. If the company focuses and monitors on the social factors then it can also maintain sustainability in the organization. Therefore, the HRM should conduct a survey to analyze and measure the social factors (Jetly, Rossetti and Handfield, 2012).
Technological factors: Various technological factors also affect the human resource development plan for the organization. The new and innovative technologies bring new skills and requirements so the Square pharmaceuticals company needs to be aware of training and proficiency needs when human resource conducts planning within the organization. The company requires skilled and potential employees to provide new and innovative biotechnology products to the customers in the market (Abhayawansa and Azim, 2014).
Legal factors: There are various legal factors which can affect the human resource planning within the organization. The company needs to focus and evaluate the various rules, policies, regulations and ethical standards while conducting human resource planning in the organization (Hossan and Habib, 2010).
Environmental factors: There are numerous environmental factors that exist in the macro environment. All these factors also affect the business operations of the company.
Human Resource Planning
Competition: The competitors also affect the company ability and potential to recruit qualified and skilled workers. Therefore, HRM must develop some programs and incentives to retain and attract key employees within the organization. In this way, the company can do human resource planning in the organization (Andrews et al, 2011).
Now it is assumed that the company needs to focus on the sustainable human resource management to attract and retain more candidates in the market. In this way, human resource management can analyze and evaluate the external factors to do effective human resource planning (Hess and Rothaermel, 2011).
6. Recruitment and selection: The human resource department plays a vital role in Square Pharmaceuticals Ltd. The HRM finds a pool of employees to select and recruit right and suitable candidate within the organization. It is the process to attract, retain, select a right and appropriate candidate within the organization. The company is searching capable employees for doing the procurement in the supply chain department. Recruitment and selection are the important functions of the human resource management. Square Pharmaceuticals Ltd. company uses various recruitment and selection methods to find out the right and potential candidate for the employment (Garg, 2014).
Training: Training and induction is the process of introducing the new workers to the organization. It is another major function of the human resource department. Further, the company conducts orientation programs for 7-10 days for the new workers to improve and develop their skills and potential within the organization. The probation period for the company is 6 months. Within this time, training and development coaching is provided by the Square Pharmaceuticals Ltd. There are various training and induction methods used by the company to improve the performance of the workers (Aktar, Uddin, and Sachu, 2013).
Performance appraisal: The Company conducts a performance appraisal for all the workers of the organization. HRM plays a vital and crucial role in performance appraisal to motivate and encourage employees for doing work effectively. HR manager evaluates and analyzes the performance of the workers for providing rewards and incentives to the workers. The performance appraisal helps to increase and enhance the productivity of the workers within the organization. In Square pharmaceuticals Ltd. company, if the worker performance is marvelous and outstanding, then he gets a promotion and performance appraisal by the evaluating and analyzing of the team (Innocent, Mary, and Matthew, 2013).
Compensation and motivational rewards: Square Pharmaceuticals Ltd. company use effective and unique reward and compensation system to attract more candidates in the global market. The firm provides bonus and incentives to the workers per year. In addition, it provides provident fund facility to the workers. The company itself pays 10% of the worker’s basic pay to retain the employees in the organization. Further, the company provides a gratuity to the employees. Along with this, it provides profit sharing scheme to the workers. Further, the company provides some healthcare benefits to the workers. In this way, the company motivates and encourages employees for doing work effectively (Scannell, Blanckley, Boldon and Warrington, 2012).
Recruitment and Selection
Although, the company is using effective recruitment, selection, training, and development methods still it must focus on some effective and unique strategies and policies to attract, retain, and select more employees within the organization (Paul, Hoque and Rahman, 2013).
7. Human resource management is the part of every organization to find and train the right and suitable candidates within the organization. Therefore, various strategies are used by the human resource management to retain the employees (Rahman et al, 2013). Further, the company uses various HRM strategies to meet its goals, mission, and vision of the firm. It makes a strategy to resolve the conflicts and disputes among the employees. HRM makes effective and unique strategies and policies for recruitment and selection of the workers within the organization. Along with this, training and development coaching and induction strategies are used by the HR department to reduce the high employees’ turnover within the organization. The business strategy and human resource management strategy are interrelated with each other in order to attain the long-term goals and mission of the firm. Further, the growth strategy is used by the human resource management. HRM uses growth strategy to increase and maximize the performance of the workers (Shabbir, 2014).
The HRM controls on the cost while hiring the employees to attract and retain more candidates in the global market. Further, Human resource management can use leadership strategy to manage and control on the employees within the organization. This strategy is also used by the firm to influence and control on the subordinates in the world. Growth strategy helps to HRM to find the right and appropriate applicants within the organization. By using this strategy, square pharmaceuticals Ltd. company can determine the overall goals and objectives of the firm. It is the effective tool to determine the growth and progress of the firm. HRM can increase and maximize its profits and revenue by using of growth strategy at the workplace. It will also help to motivate and inspire the employees for doing work with more efficiently and effectively. By using this strategy, HRM can provide rewards and compensation to the potential workers in the organization (Jahan, 2016).
Conclusion
The paper is based on the case study. It explains mission and vision and HRM strategies of Square pharmaceuticals Ltd. company. On the above discussion, it has been concluded that the company is using effective business strategies and human resource management strategies to gain overall objectives of the firm. The company must focus on the corporate strategy and business growth strategy to maximize the profit of the company. Further, the company uses effective recruitment, selection, and training and development methods to hire and appoint a new candidate within the organization.
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